Cocoa and cotton, in which futures could see "another break to the upside", represent better bets for soft commodity investors than bargain hunting in coffee or sugar markets, Macquarie said.
The bank cautioned investors against expecting higher prices of arabica coffee, despite the Brazilian government support package for domestic farmers, the biggest growers of the bean, through options which could see the state buy 3m bags beans.
While the options are priced at 346 reais per bag, well above current domestic prices, "the market has now digested the impact of the state programme and likely assessed that even if 3m bags came off the market, there will still be plenty surplus arabica in the world", Macquarie analyst Kona Haque said.
As an extra weight on prices, 2014 will be an "on" year in Brazil's cycle of alternate higher and lower producing years.
New York coffee futures, already around the lowest in four years, "should trend lower", Ms Haque said.
"While there may be tightness in the high-quality arabica supplies," a factor potentially enhanced as a result of Brazil's support programme, "this will be played out through differentials" in prices between different bean grades.
Ethanol vs sugar
For raw sugar, Macquarie cautioned over the impact of a weaker Brazilian real in increasing the appeal to mills of making the sweetener, rather than ethanol, from cane, so boosting supplies.
With sugar a more exportable commodity than ethanol, the weakness of the real boosts the appeal to mills in Brazil, the top shipper, of making the sweetener
"Traders are looking also at the ethanol parity, which is some 2 cents a pound lower than sugar right now, implying Brazilian mills currently have a greater incentive to produce raw sugar," Ms Haque said.
Furthermore, "good supply prospects elsewhere will reapply pressure to the market, with India and Thailand both looking forward to large cane crops from next quarter".
'Still room for price gains
However, the bank was more upbeat on prospects for cocoa futures, despite a stalling in the rally in futures on rains in Ivory Coast, where dryness, coupled with low temperatures and overcast skies, have raised concerns of small pods.
"We do not think that weather risks have gone," Ms Haque said.
With chocolate sales data and cocoa butter prices "pointing to more solid demand for cocoa in core mature markets", and with Ivory Coast, the top producing country, having already sold forward some 1m tonnes of 2013-14 beans, "there is still room for cocoa to test further highs".
Spot cocoa futures in London hit £1,685 a tonne earlier this month, the highest since September last year, with New York futures hitting an eight-month high of $2,514 a tonne.
'Strong mill demand'
And in cotton, Macquarie said that "another break to the upside can be expected" for New York's December contract, which soared some 10% in the first half of August on concerns, which have since faded, for the health of the US crop.
The bank acknowledged that rains in Texas, the top US cotton producing state, have boosted prospects for the American harvest, and flagged the boosts to India's prospects from a 7% rise in sowings so far and strong monsoon rains.
Nonetheless, with prices now back below 85 cents a pound, "we should see strong mill demand resurface", Ms Haque said.
And even if the US crop does improve, data from the Farm Service Agency signal that sowings may be far lower than the official 10m acres.
Furthermore, stocks for delivery against New York futures have continued to decline, to a nine-month low of 26,142 bales as of Thursday, down from a July high of 623,861 bales.
"The US, the world's top exporter, is nearly sold out of old crop cotton due to strong export pace during 2012-13."